This Blog is an informational site, which provide mainly Property News, Reviews, Market Trends and Opinions regarding the real estates of Singapore. All publications belong to their respective rights owners. We do not hold any responsiblity in the correctness or accuracy of the news or reports. 23/7/2007

Thursday, July 9, 2009

Apartments At Fusionopolis

Source : The Straits Times, July 8, 2009

FRASERS Hospitality launched its service apartment complex at Fusionopolis on Wednesday - its third property here and certainly not its last.

Fraser Place Fusionopolis, located on levels 17 to 19 of the Symbosis Tower of Fusionopolis @ one-north, has 50 units, all one-bedroom loft apartments ranging from 46 sq m to 99 sq m.

It has obtained commitments amounting to a 60 per cent occupancy rate. The first few guests, including a professor from the nearby business school Insead, have checked in.

Frasers Hospitality chief executive officer Choe Peng Sum told The Straits Times that occupancy at its two other properties here - Fraser Suites in River Valley and Fraser Place in Robertson Quay - stands at 90 per cent despite the global downturn.

However, it has had to cut rates and the completion of a few of its planned projects overseas has been delayed, added Mr Choe.

The effect of the global downturn kicked in around February but the drop in occupancy has been slight so far, just two or three percentage points, said Mr Choe.

He attributed it to more expatriates seeking shorter stays or more flexibility in the light of the uncertainty.

The downturn has been kinder to the service apartment sector than hotels.

'We saw this during the Hong Kong handover. All the service apartments in Hong Kong were full and rates were very good,' said Mr Choe.

Singapore's hotel rates may have fallen by 35 per cent this year but service apartment rates are down by only 15 per cent, he said.